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1 Joint Investment Trust Regulations (Foreign Fund Unit Offerings) As per my authority under Sections 113B, 113C and 131(A) of the Joint Investment Trust Law (hereafter: the Law ), pursuant to the proposal of the [Securities] Authority as approved by the Knesset Finance Committee, I hereby enact the following regulations: Interpretation 1. In these regulations Foreign stock exchange as defined in the Securities Law Traded fund a fund whose units are traded on an exchange or organized market outside of Israel. Foreign fund including sub-funds which are part of a group of funds offered under a single prospectus (umbrella fund); Foreign fund manager a corporation authorized by the regulatory agency in the country of origin to manage mutual funds and offer them to the public. Criteria for offering foreign funds in Israel 2. The ISA is authorized to permit the manager of a foreign fund to offer units of that fund to the Israeli public if it is proven that the following criteria are met: (1) The foreign fund operates under the law of those stipulated in the supplement, and the fact that the fund has received a permit from the regulatory agency in its country of origin is articulated in either the fund s prospectus or in a letter submitted by the fund to the regulatory agency or that has been publicly released; (2) The net asset value as of the last trading day of the month preceding the submission of the application to offer its units in Israel in two weeks time at the earliest (in these regulations eve of the application ) is at least fifty million US dollars or the equivalent in another currency and its units are offered for purchase in one of the European countries or in the United States, during a period of at least six months prior to the commencement of their offering to the public in Israel. (3) Should the fund be a traded fund the offered units are listed for trading on a foreign stock exchange (4) The total value of assets in funds offered to the public and client portfolios managed 1 Sefer HaHukkim (Book of Laws) 1480, 5754 (August 23, 1994), p. 308 and 5766 (March 20, 2006), p. 292

2 by the fund manager, a person controlling it or a company controlled by such person, on the last trading day of the month preceding the submission of the application for an offering of foreign fund units in Israel (hereafter in this regulations total value of assets under management of foreign fund manager ) is at least twenty billion US dollars or the equivalent in another currency. (5) The foreign fund manager manages no less than five funds whose units are offered to the public for at least five years, and the total value of assets held in each fund for the two years preceding the day the foreign fund manager submitted an application to offer foreign fund units in Israel is at least five hundred million US dollars, or the equivalent in another currency. (6) Unit prices of the foreign fund are regularly published on a website and are available without cost to the public. (7) The foreign fund does not specialize in investments in Israel. (8) The foreign fund manager deposited a bank guarantee issued by a bank in Israel for a sum of at least NIS one million, or the equivalent in another currency for the benefit of the ISA or in lieu of a bank guarantee, a deposit in an account at a bank in Israel, (9) ( Notwithstanding the provisions of regulation (8), a fund manager is entitled to deposit securities (hereafter a securities deposit ) and solely if their value is no lower than the required cash value designated in regulation (8). For the purpose of calculating the value of the securities, the valuation haircut for securities traded on a stock exchange in Israel or on a foreign stock exchange, as applicable, of each security, is as set in the Tel Aviv Stock Exchange Rules regarding the maximum credit that a non-bank stock exchange member is allowed to issue a client for securities serving as margin shall be taken into account (hereafter haircut mechanism ); for this purpose, securities which are traded on a stock exchange in Israel or on a foreign stock exchange and which are stipulated in the haircut mechanism. (10) The foreign fund manager deposited in an account at a bank in Israel the sum stipulated in Supplement Two in a cash deposit or in securities account; the value of the securities account shall not be lower than the required cash as per the amount required from the fund manager in the aforementioned Supplement and its value shall be set according to the provisions stipulated in regulation (9) above.

3 (11) The manager of the foreign fund appointed a representative in Israel (hereafter the representative ) to serve as liaison between itself and the ISA and between itself and the unit holders in Israel, for all matters concerning the transfer of orders, announcements or queries by the ISA or the unit holders to the foreign fund manager, and for the purpose of issuing reports, documents, replies or responses from the foreign fund manager to the ISA or the unit holder. (12) The rights of unit holders or shareholders, as applicable, of a foreign fund purchased in Israel, which derive from their holdings in the fund, are identical to the rights of any unit holder or shareholder of the foreign fund. Application for permit the offering of foreign fund units in Israel 3. (a) A foreign fund manager shall attach the following documents to an application to the ISA to permit the offering of units of funds managed by it in Israel: (1) An affidavit by a corporate officer in the foreign fund manager verifying that fund manager and the fund meet the criteria stipulated in regulation 2(1) through 2(5), (2) and with regards to regulation 2(1) in lieu of an affidavit of a corporate officer, a legal opinion rendered by an attorney addressed to the ISA; the said affidavit shall include the particulars articulated in regulation 4(a), in subparagraphs (4) through (7) and (10), as well as the fact that the total value of the funds mentioned in sub-paragraph (5) was no lower than five hundred million US dollars, or the equivalent in another currency, in the two years preceding the day on which the foreign fund manager submitted its application to offer foreign fund units in Israel. (3) Documents verifying, to the satisfaction of the ISA, that it has operated as stipulated in regulations 2(6) and (7); (4) The foreign fund prospectus under which the units are being offered at the time in the country of origin, in

4 (b) addition to an annex signed by the fund manager, which includes all the details stipulated in regulation 4. (5) A valid permit to offer units of the fund, issued by the regulatory agency in the country of origin. (6) Verification of the payment of application fee as stipulated in the regulations under Section 130A of the Law. The ISA chairman, or an employee authorized by him for this purpose, is entitled to demand additional documents as necessary for ISA vetting of the application; (c) The application and documents stipulated in sub-regulations (a) and (b) shall be in Hebrew, although the foreign fund prospectus can be in English; the names that must be mentioned under these regulations will appear in the language of origin in Latin letters; the translation of documents or the foreign fund prospectus as stated in this regulation shall include an announcement by the foreign fund manager, certifying that the translation is true and correct to the documents or prospectus submitted in the country of origin and that the translated version is binding. 4. Details to be included in the annex to the foreign (a) The annex to the prospectus of a foreign fund shall include the following details, as specified in this regulation: (1) at the top of the page the following title: Annex to Fund Prospectus and the name of the foreign fund; (2) an announcement in bold containing the following

5 fund prospectus text: The management of this fund is carried out in accordance with the legal provisions of its country of origin and not according to the provisions of the Joint Investment Trust Law In addition, the fund prospectus to which this annex is attached has not been examined by the Israel Securities Authority, and the ISA does not supervise neither the fund nor its manager; (3) the name of the fund manager and controlling stakeholders in it; the total value of assets under management of the foreign fund manager as of the date of the prospectus; (4) the net asset value of the foreign fund on the eve of the application and the countries the fund s units are offered for purchase; (5) the total value of assets under management of the foreign fund manager as of the date of the prospectus; (6) the names of the foreign funds managed by the foreign fund manager as of the day of application, which have been offered to the public for at least five years and the value of the assets held by each one of the said funds, stated in terms of U.S. dollars for the end of the month preceding no more than 40 days prior to the date of application; (7) the name of the representative and its address, including its fax number and e- mail address; (8) the foreign fund s country of origin the law under which it operates and the name of the agency responsible for supervising the foreign fund manager in its country of origin;

6 (9) the investment policy of the foreign fund, in the words appearing in the foreign fund prospectus submitted to the ISA; (10) the fact that the prospectus of the foreign fund is published on the ISA distribution site, citing its URL; (11) the places, including websites, on which unit prices of the foreign fund are quoted and additional information on the fund can be found; (12) the manner in which units can be ordered and the date on which buyers will receive their units and will be debited payment for their purchase; (13) the manner in which unit holders can redeem their units, the date on which the unit will be redeemed and the date on which the redeemer will be credited for their redemption; (14) the fees charged by the foreign fund manager at the time units are purchased or at the time of their redemption should such fees exist, as well as management fees and other costs paid from fund assets; (15) additional fees, to the best knowledge of the fund manager, which investors purchasing foreign fund units could be charged. A statement as whether or not additional fees are known to the fund manager shall be placed in a footnote as follows: Additional costs may be collected from investors by distributors, and these may affect the return on investment in the fund. (16) the fact that the foreign fund manager is required to send to unit holders in Israel via submission to the

7 (b) ISA distribution system any statement that it is required to send unit holders in the country of origin, on a date close to the date and in a manner that it dispatches these statements to the unit holders in the country of origin; (17) the frequency in which the foreign fund prospectus must be approved by the regulatory agency; (18) the date on which the permit to publish a prospectus was received from the regulatory agency in the country of origin; (19) the signature of the representative and the date signed; (20) should a prospectus of a foreign fund that be translated from another language, the annex shall also include- (a) certification by the translator that the prospectus of the foreign fund was translated and that the original text of the foreign fund prospectus was approved by the fund manager s board of directors, that he is proficient in both the language of the prospectus and the language into which it has been translated and that the translation is true to the original; (b) the name and complete address of the translator and his approval that the certification in subparagraph (a) be included in the annex. In the annex of the prospectus of a traded foreign fund, instead of the details listed in subparagraphs (10) through (13) in subregulation (a), the stock exchange on which on which the fund units are traded, the fund s symbol on the exchange on which the

8 Public offering of foreign fund units 5. (c) (d) (a) (b) units are traded and the URL of the website on which the unit prices set for the fund during trading on the said exchange are posted. If the fund s units also trade on a stock exchange in Israel this and the fund s symbol in Israel must be mentioned as well. The ISA chairman, or an employee authorized by him for this purpose, are entitled to instruct the manager of a foreign fund to include additional details to those stipulated in this regulation in the annex, as well as the manner of their submission. The annex to the prospectus of a foreign fund shall be considered an integral part of the foreign fund prospectus for all intents and purposes in the State of Israel. The public offering of foreign fund units, including by way of listing of units for trading on a stock exchange in Israel, shall be effected according to the fund s foreign prospectus on which the units are offered at that time, and which has been submitted to the ISA. Foreign fund units shall not be offered to the public in Israel until 1. the ISA issues a written notice expressly permitting the foreign fund manager to conduct an offering or to list units for trading on a stock exchange in Israel, and only after the foreign fund prospectus and the annex to it are posted on the ISA distribution site; 2. should the public offering be by way of listing units for trading on a stock exchange, the stock exchange approves the listing. The ISA permit aforementioned in subparagraph (b) shall be valid (c) as long as the foreign fund manager is certified by the regulatory agency in its country of origin to offer units of the foreign fund. (d) (1) Should the ISA permit a foreign fund to offer foreign fund units to the public in Israel or list the units of a traded fund on a stock exchange in Israel, the foreign fund manager

9 Starting date for unit offerings and listing for trade The representative shall submit a report regarding this within fifteen days from the day the ISA permit is issued, and shall publish the foreign fund prospectus and the annex on the distribution site on the same date. (2) On the report aforementioned in subparagraph (1) the foreign fund manager shall also state the date it will begin offering the foreign fund units the name of the representative acting on its behalf, the representative s position, its address and the means to contact it as well as the fact that the foreign fund prospectus and annex are published on the ISA distribution site, and the places at which orders to purchase or redeem the offered units can be submitted. (3) The ISA chairman, or an employee authorized by him for this purpose, are entitled to instruct that additional details be included in the report and the manner of their submission 6. The initial public offering of units in Israel or the listing of units of a traded fund shall commence at the end of seven days from the day the foreign fund manager publishes a report under regulation 5(d), and no later than thirty days after the ISA issued its permit for the public offering of units in Israel or for their listing on a stock exchange in Israel. 7. (a) The following can serve as the representative of a foreign fund in Israel: (1) A legal firm in which at least three attorneys are employed, and one of which is an attorney engaged in the field of capital markets for at least five years; for this purpose, attorney member of the Israel Bar Association.

10 (2) An accountancy firm in which at least three certified public accountants are employed, one of which is an accountant engaged in the field of capital markets for at least five years; for this purpose certified public accountant holds a valid license to practice accountancy in Israel under the Accountants Law (3) An Israeli fund manager. (4) A foreign fund manager, a person controlling it or a company controlled by such person, which has a branch in Israel, and solely if the employee appointed by it to fulfill the duties and obligations of the representative under regulation 2((11)) is a Hebrew speaker. (5) An authorized corporation under the Regulation of Investment Advice, Investment Marketing and Investment Portfolio Management Law (b) (c) (d) The address of the representative shall serve as the address of the foreign fund manager in Israel; orders, announcements, documents or queries delivered to a foreign fund manager through its representative shall be considered received by the foreign fund manager and documents, replies or responses received through the representative shall be binding on the foreign fund manager. Activities carried out by the representative under the orders of a foreign fund manager or within the framework of the fulfillment of its duties as a representative shall be binding on the foreign fund manager. A foreign fund manager shall appoint a representative to replace a representative whose tenure has ended for reasons other than those stipulated in sub-regulation (e), within thirty days. A representative whose tenure has ended shall continue to serve in its position until the date on which another begins serving as representative on

11 Issue of reports to the ISA and unit holders behalf of the foreign fund manager. (e) Should a foreign fund manager cease to offer foreign fund units to the public in Israel, it is entitled to discontinue the tenure of the representative acting on its behalf, and solely if the foreign fund manager issues a report to this effect sixty days prior to the termination of the tenure as stipulated in regulation 8(a)(3). 8. (a) A foreign fund manager shall issue the following reports to the ISA for publication on its distribution site and their transfer to the stock exchange: (1) Every report it is required to issue under law or under the foreign fund prospectus, including under the rules set by those authorized to do so in the fund s country of origin, to the regulatory agency or to unit holders in the country of origin, as well as any report it issued to any or all of these parties, on the date set for this as provided in law or the prospectus, or on a date on which it is reported to any of the parties stipulated above, the earlier of the two dates; (2) a report announcing the discontinuation of the offering of fund units managed by it to the public in Israel, whether as per ISA instructions under Section 113C (b) of the Law or as initiated by the foreign fund manager, immediately after it received such an instruction or made the decision to discontinue the offering of units, as applicable; the said report shall include the following: (a) the name of the fund; (b) the date the offering of units is to be discontinued; (c) the fact that the unit holders right to redeem the units held by them shall not be impinged and

12 details regarding the manner and places their units can be redeemed; (d) should the units be listed on a foreign and Israeli stock exchange, instead of that stated in subparagraph (c), the name of the exchange on which the foreign fund units continue to trade, and should they discontinue trading on any exchange, the fact that the right of unit holders to redeem units held by them shall not be impinged and details regarding the manner and places their units can be redeemed; (e) the discontinuation of the representative s activities and the date its tenure ceases; (f) the following statement: Given the discontinuation of the offering of units to the public in Israel, the fund manager shall cease to post the reports it is required to issue in its country of origin on the ISA distribution system. (3) a report on the termination of the tenure of the appointed representative immediately following its termination and the appointment of a representative replacing the representative whose tenure was terminated, immediately following the appointment; the said reports shall state the names of the funds whose units it is offering to the public in Israel, the fact and date of the termination of tenure and the identity of the replacement representative and the date of the commencement of its tenure, as applicable. (b) The report aforementioned in subparagraph (a) shall be written in either Hebrew or English; should the report be translated from

13 ISA call for information Forfeiture of guarantee another language to either Hebrew or English the report shall include certification by the foreign fund manager, that the report constitutes a true translation of the report submitted in the country of origin and that the translated version is also binding. (c) The fund manager shall also publish the reports stipulated in subparagraph (a)(1) in the manner set for this in the laws of the country of origin; (d) The foreign fund manager shall issue the reports stipulated in subparagraph (a) (2) and (3) and to unit holders residing in Israel according to their known addresses at the time and/or shall arrange that the distributors through which the units are held issue these reports to them. 9. The ISA or an employee authorized by it for this purpose are entitled to demand from a foreign fund manager information related to it or to funds managed by it, and to instruct as to the manner in which it issues the information as well as the date it is to be issued. 10. Should a foreign fund manager fail to pay a fine under Chapter 10 of the Law, following the passage of 30 days from the payment due date, or from the date the fine becomes final, the later of the two, the ISA is entitled to petition the court for an injunction ordering the forfeiture of the bank guarantee or deposit, as per regulation 2(8), either in part or in its entirety. Manner of foreign fund reporting Prohibition of misleading statements 11. Documents submitted to the ISA under these regulations, shall be submitted in accordance with the instructions stipulated in Chapter 7A of the Securities Law-1968, through a reporting form as defined in Securities (Electronic Signature and eporting) Regulations 2003, the title of which conforms to the document submitted. 12. Misleading statements shall not be included in the application or documents, including the foreign fund prospectus and the reports submitted by the foreign fund manager to the ISA or a stock exchange. 13. A publication published by a foreign fund manager regarding a foreign fund managed by it, shall include a warning concerning the fact that the fund and its manager are not subject to the laws and supervision applicable to mutual funds in Israel. This provision shall not

14 apply to the publication of a prospectus or the reports required under this law or to the publications required of a foreign fund manager to publish under the laws applicable to it. Violation of legal provisions 14. Foreign fund unit holders in Israel are entitled to file suit against a foreign fund manager and its representative in an Israeli court for damages incurred following the violation of a provision of the Law conducted by either or both of the two, as applicable, or for violations of the law under which the fund operates by the foreign fund manager. Supplement One (Regulation 2(1)) 1. The European Directive Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regu administrative provisions relating to the undertakings for collective investment in transferable securities (UCITS) 2. Investment Company Act of 1940, United States Public Law (Pub.L ) Laws Supplement Two Regulation 2(10) Value of units held by Required Deposit Israeli Distributors NIS million NIS 250,000 More than NIS 250 NIS 500,000 million 1 billion More than NIS 1 billion NIS 2 million 5 billion More than NIS 5 billion 10 billion Over NIS 10 billion 0.07% of the value of units held by Israeli distributors 0.05% of the value of units held by Israeli distributors and solely if not less than NIS 7 million and not more than NIS 12 million.

The following translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the ISA does not assume

The following translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the ISA does not assume

The following translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the ISA does not assume

The translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the Bank of Israel does not assume

The following translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the ISA does not assume

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The translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the Bank of Israel does not assume

1 The following translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the Authority does

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